Essel Group sells 6.2% stake in IVRCL

In April, Essel Group had purchased 10.68% of IVRCL through its investment vehicles.

Updated: Thu, Oct 04 2012. 10 33 PM IST

Mumbai: Essel Group has sold a 6.2% stake in infrastructure developer IVRCL Ltd, a spokesman for the group said on Thursday without disclosing details.

Essel Group said IVRCL’s growth strategy was out of sync with its own.

In April, Essel Group purchased 10.68% of IVRCL through its investment vehicles. The investment had been made in line with the group’s strategy of increasing its infrastructure portfolio, Essel Group said in a statement.

It cited some press reports as suggesting that IVRCL would be monetizing its build-operate-transfer assets and focus more on expanding its engineering, procurement and construction portfolio.

“This does not match with the thinking and philosophy with which Essel invested in IVRCL,” Essel Group said in the statement. “Therefore, after weighing all the options available, it was deemed appropriate by Essel to reduce its investment in IVRCL.”